Page:United States Statutes at Large Volume 118.djvu/1125

 118 STAT. 1095 PUBLIC LAW 108–297—AUG. 9, 2004 Public Law 108–297 108th Congress An Act To amend title 49, United States Code, to make certain conforming changes to provisions governing the registration of aircraft and the recordation of instruments in order to implement the Convention on International Interests in Mobile Equip ment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, known as the ‘‘Cape Town Treaty’’. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as ‘‘Cape Town Treaty Implementation Act of 2004’’. SEC. 2. FINDINGS AND PURPOSE. (a) FINDINGS.—Congress finds the following: (1) The Cape Town Treaty (as defined in section 44113 of title 49, United States Code) extends modern commercial laws for the sale, finance, and lease of aircraft and aircraft engines to the international arena in a manner consistent with United States law and practice. (2) The Cape Town Treaty provides for internationally established and recognized financing and leasing rights that will provide greater security and commercial predictability in connection with the financing and leasing of highly mobile assets, such as aircraft and aircraft engines. (3) The legal and financing framework of the Cape Town Treaty will provide substantial economic benefits to the aviation and aerospace sectors, including the promotion of exports, and will facilitate the acquisition of newer, safer aircraft around the world. (4) Only technical changes to United States law and regula tions are required since the asset based financing and leasing concepts embodied in the Cape Town Treaty are already reflected in the United States in the Uniform Commercial Code. (5) The new electronic registry system established under the Cape Town Treaty will work in tandem with current aircraft document recordation systems of the Federal Aviation Adminis tration, which have served United States industry well. (6) The United States Government was a leader in the development of the Cape Town Treaty. (b) PURPOSE.—Accordingly, the purpose of this Act is to provide for the implementation of the Cape Town Treaty in the United States by making certain technical amendments to the provisions of chapter 441 of title 49, United States Code, directing the Federal Cape Town Treaty Implementation Act of 2004. 49 USC 40101 note. 49 USC 44101 note. Aug. 9, 2004 [H.R. 4226]

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